6.2-821 - (Effective October 1, 2010) Separation of banking and trust functions; establishment of trust department. - Virginia Statutes

§ 6.2-821. (Effective October 1, 2010) Separation of banking and trustfunctions; establishment of trust department.

Every state bank that obtains permission from the Commission to engage intrust business shall establish a separate trust department. Such departmentshall be established before such institution undertakes to act in anyfiduciary capacity and shall be placed under the management of an officer orofficers whose duties shall be prescribed by the board of directors of theinstitution or by either an amendment to the bylaws of the institution or bya resolution duly entered in the minutes of the board of directors.

(Code 1950, § 6-97; 1966, c. 584, § 6.1-20; 1993, c. 432; 2010, c. 794.)